Bitcoin has dropped slightly since the highs it set on Monday near $11,750. As of this article’s writing, the leading cryptocurrency changes hands for $11,400, a few percent shy of those highs.
While the cryptocurrency remains in a positive position on a daily and weekly scale, an analyst fears a stronger correction. He recently shared a key fractal analysis suggesting that the cryptocurrency could soon drop under $11,000, which has acted as a key support.
The fractal further predicts that Bitcoin will continue its descent.
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A leading cryptocurrency analyst thinks that Bitcoin will slip under $10,000 in the near future as it faces a crucial rejection in the high-$11,000s.
He shared the charts below on October 13th, noting that BTC’s recent price action looks eerily similar to the high established in 2019. Both periods have three consecutive lower highs